Ways in which this can be accomplished include through the implementation of an internally consistent compensation framework to guide hiring policies and wage levels, compliance with which should become part of performance management.

Meanwhile, job responsibilities and categorisations should be firmly aligned via pay ceilings and pay floors, with change management techniques proving vital to making sure these ideas can be integrated on a company-wide basis.

"This kind of nuanced and holistic approach to labour cost reduction looks to be a winning strategy for many firms," Mr Osak said.

Earlier this year, the Chartered Institute of Personnel and Development suggested that coaching programmes should be considered a key aspect of any successful change management effort.

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